Final

Question 1

Another name for substantial performance

Answer 1

Minor Breach

Question 2

Orders a government officer to seize the breaching party’s property to sell at auction to satisfy a judgement

Answer 2

Writ of Attachment

Question 3

Duty of innocent non-breaching party to take reasonable efforts not to add to resulting damanges

Answer 3

Mitigation of damages

Question 4

orders breaching party to perform the acts promised in a contract

Answer 4

Specific performance

Question 5

Another name for inferior performance

Answer 5

Material Breach

Question 6

Court rewrites a contract to express the parties intentions

Answer 6

Reformation

Question 7

Contracting party informs that other party in advance that he will not perform when due

Answer 7

Anticipatory repudiation

Question 8

The most common remedy for a breach of contract

Answer 8

Monetary damages

Question 9

Third party (c) induces party A to a contract to breach the contract Party A has with Party B

Answer 9

Interference with contractual relations

Question 10

Prohibits a person from doing a certain act

Answer 10

injuction

Question 11

Action to undo or cancel a contract

Answer 11

Rescission

Question 12

Damages specified in advance in the contract where actual damages are difficult or impracticable to determine

Answer 12

Liquidated damages

Question 13

Orders the breaching party wages or bank accounts held by a third party to be paid over to the non-breaching party to satisfy a judgement

Answer 13

Writ of garnishment

Question 14

Foreseeable damages that arise from circumstances outside the contract

Answer 14

consequential damages

Question 15

If monetary damages are not adequate, courts could award

Answer 15

equitable damages

Question 16

Used to compensate the non breaching party for loss of bargain and to put the non breaching party in the same position he would be in if fully performed

Answer 16

Compensatory damages.

Question 17

Returning of goods, property, or money received from the other party

Answer 17

restitution

Question 18

Used when no financial loss resulted from the breach rather plaintiff brings the lawsuit on principle.

Answer 18

Nominal Damages

Question 19

6 Common Contracts that must be in writing…

Answer 19

1. Interest in land
2. Contracts over a year out.
3. Guaranty contract (co signers)
4. Promises in consideration of marriage
5. Agents of Contracts (real estate)
6. Sale of good of $500.00 or more

Question 20

Liquidated damages

Answer 20

Parties to a contract that have in advance agreed to damages that are specified in the contract rather then determined by the courts. For damages that are difficult to determine however the amounts has to be reasonable so not read as a penalty. Generally found in building contracts.

Question 21

Firm Offer

Answer 21

Similar to option contract-No consideration
Merchant offers to buy or sell or lease goods and gives a written and signed assurance that the offer will be held for a reasonable time-max 3 months

Question 22

Equal dignity rule

Answer 22

Agents to sell property covered by the statue of frauds much be in writing to be enforceable. If the real estate contract is in writing then the agents contract must be in writing.

Question 23

Modern Rule with respect to the return of engagement ring

Answer 23

No Fault Rule. The court does not take into account as to why or who ending the engagement the ring should be returned to the purchaser.

Question 24

Mitigation of damages

Answer 24

Duty of the innocent non breecher to do what they can or are capable of to lessen or avoid the resulting damages. found in employment contracts

Question 25

Incorporation of referance

Answer 25

When on document refers to an other there for incorporates the document into the another with in it. Ex a one page credit card contract may be 100 pgs in reality because in has incorporated other documents with in their own contract.

Question 26

The Parole Evidence Rule

Answer 26

Once the written contract is complete any other written or oral statements that could alter or contradict the terms written within the contract are inadmissiable in court. Unless the language is ambiguous or unclear.

Question 27

Anti-Assignment Clause

Answer 27

A clause that can be written into a contract that prohibits the assignment of rights and or other deligations of duties to a third party under the contract.

Question 28

Accord and satisfaction

Answer 28

Settlement of a contract dispute. Parties agree to accept something different in satisfaction of the original contract. Used when there is a disagreement of an amount owed the other party my send a check that within the memo line writes paid in full if the other party cashed the check then the dispute is considered satisfied.

Question 29

Gap Filling Rule

Answer 29

Rule applied by the UCC that says open terms can be read into the contract. ex. Open price term, open payment term, open delivery term, open time term and open assortment term but never applied to amount of goods.

Question 30

Part Performance

Answer 30

doctrine that allows the court to order such an oral contract. most courts require that the purchaser either pay part of the purchase price and take possession of the property or make valuable improvements on the land.

Question 31

Contracts that cant be assigned

Answer 31

1. Personal contracts 2. Assignment of future rights 3. Contracts where assignment would materially alter the risk 4. Assignment of legal actions

Question 32

Party who is unintentionally benefitted by other peoples contracts

Answer 32

Incidental beneficiary

Question 33

Where parties enter into a second agreement that expressly terminates the first one.

Answer 33

Mutual rescission

Question 34

A new contract that revokes and discharges a prior contract

Answer 34

Substituted contract

Question 35

An agreement that subsitutes a new part for one of the original contracting parties and relieves the existing party of liability on the contract.

Answer 35

Novation

Question 36

Clauses in contracts involving certain events, such as floods earthquakes or tornadoes that will excuse non performance of a contract

Answer 36

Force Majeure

Question 37

non performance that is excused if an extreme or unexpected development or expense makes it impractical for the promisor to perform

Answer 37

Commercial Impracticability